XPLA blockchain now supported by on-chain tokenizer platform Gall3ry

Indian PM Narendra Modi Calls for Global Crypto Regulatory FrameworkAmid the rising tide of emerging technologies like cryptocurrency and artificial intelligence, Indian Prime Minister Narendra Modi has emphasized the urgent need for a worldwide regulatory framework to ensure user safety and ethical utilization.His remarks were delivered at the G20 Summit India 2023, where he stressed the importance of cohesive global efforts in shaping the future of technological advancements.Photo by Shubham Dhage on UnsplashG20 PresidencyIndia, currently holding the G20 Presidency for 2023, has taken a strong stance in advocating for the establishment of a comprehensive global regulatory framework for cryptocurrencies. Earlier this month, the country released a presidency note outlining its insights into the proposed framework.These recommendations are closely aligned with the guidelines set forth by authoritative bodies such as the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF).Notably, India’s presidency note extended its considerations beyond established economies to include provisions for developing nations relative to crypto. At the time, it was revealed that a collaborative “synthesis paper” was in the works, jointly crafted by the IMF and the FSB. This paper, set to be unveiled by the end of August, will delve into the global macro implications stemming from the adoption and growth of cryptocurrency. The timing of this release is particularly significant, coinciding with the upcoming G20 Summit scheduled for September 9.Establishing a global frameworkAddressing the G20 Summit, Prime Minister Modi articulated his vision for a world unified under a comprehensive regulatory framework not only for cryptocurrencies but also for the ethical utilization of emerging technologies like artificial intelligence. In an interview with media platform Business Today, he emphasized the reality of rapid technological progress sweeping across the globe. Instead of dismissing or wishing away these advancements, Modi underscored the need for proactive adoption, democratization, and a unified global approach.Modi’s perspective underscores his support for a harmonized global strategy when it comes to formulating regulatory frameworks for emerging technologies. Drawing a parallel with the aviation industry, he highlighted how air traffic control and air security are governed by common global rules and regulations, illustrating the effectiveness of a consensus-based model.Expanding on the implications of India’s G20 presidency, Modi shed light on the deliberations centered around cryptocurrency’s potential impact within broader macroeconomic contexts, particularly within emerging and developing economies.Regulatory needs at a national levelWithin India, various stakeholders have been struggling with the regulation of cryptocurrencies themselves. In July, the Indian Supreme Court criticized the government for its failure to establish clear crypto-related regulations. The country’s central bank, the Royal Bank of India (RBI), has been less enthusiastic about decentralized cryptocurrency, warning of the risks extended by stablecoins more recently. Instead, it has proven to be far more interested in advancing the use of permissioned blockchain networks and a central bank digital currency (CBDC).The proposition of a globally accepted set of guidelines for cryptocurrency regulation has garnered substantial support from authorities worldwide as they begin to understand the difficulty that decentralized technology presents in terms of controlling it. If Modi’s vision translates into reality, it could mark a significant step toward standardizing the governance of cryptocurrencies on an international scale.

OKX is set to compensate users after its native exchange token, OKB, experienced a rapid 48% flash crash on Tuesday. OKB price fluctuationThe crash occurred within a brief three-minute window, triggered by a series of liquidations resulting from an abnormal price fluctuation. During the event, OKB's diluted market capitalization plummeted by $6.5 billion. At around 9 a.m. GMT on Tuesday, the price of OKB dropped from $46.80 to $25.10, representing a 48% decrease within 15 minutes. However, the token has since recovered, currently trading at $47.63 at the time of writing. The crash led to the triggering of liquidations for large leverage positions, causing a cascading effect on pledged loans, leverage transactions and cross-currency transactions.Photo by Nicholas Cappello on UnsplashCompensation planOKX responded promptly, pledging to fully compensate users for any additional losses incurred due to abnormal liquidation. The exchange aims to launch a specific compensation plan within the next three days, taking into account users who engaged in on-chain trades. In a statement on Tuesday, the platform suggested that it is committed to enhancing "margin position tier rules, risk management controls and liquidation mechanism" to prevent similar issues in the future. The flash crash coincided with a day of notable price swings across cryptocurrency markets, partly driven by the Grayscale Bitcoin Trust's (GBTC) sale of bitcoin to meet investor redemption demands on its exchange-traded fund (ETF). Additionally, the bankrupt crypto exchange FTX has been selling nearly $1 billion worth of GBTC ETF shares recently, further contributing to market volatility. Focusing on complianceOKX has been actively focusing on regulatory compliance in recent times. On Dec. 29, the exchange announced the delisting of several privacy coins, including Monero (XMR), Zcash (ZEC), Dash (DASH) and Horizen (ZEN). Subsequently, on Jan. 2, the platform introduced additional requirements for United Kingdom users to comply with the new Financial Conduct Authority (FCA) regulations, including the mandatory completion of risk assessment questionnaires before engaging in trading activities. Flash crashes are a common occurrence in cryptocurrency markets, often attributed to thin liquidity distributed across multiple venues. The 2% market depth for OKB indicates that a sell order exceeding $224,000 could potentially trigger another price cascade. Notwithstanding that, oftentimes it can be difficult to pinpoint the precise reason for a flash crash. In 2021 global crypto exchange Kraken experienced a flash crash that saw token prices drop by in excess of 50% over the course of one hour before recovery was achieved. While some suggested it was caused by a technical glitch, Kraken founder Jesse Powell dismissed that notion, pointing instead to the possibility of a large-scale sell-off by a service user. Despite this recent challenge, OKB remains a significant player in the cryptocurrency space, boasting a market cap of $2.8 billion, making it the fourth-largest exchange token in circulation, according to CoinGecko. 

JD.com, also known as JINGDONG, a NASDAQ-listed Chinese e-commerce giant, is understood to be making plans to acquire stablecoin licensing in key international markets.  According to Chinese news site, Guancha.cn, Richard Liu, the founder of JD.com, which recorded revenues of $41.5 billion in Q1 2025, outlined details regarding the company’s stablecoin plans in a press briefing held in Beijing on June 17. Liu stated: "We hope to apply for stablecoin licenses in all major countries with sovereign currencies. With these licenses, our goal is to enable global foreign exchange transactions, starting with business-to-business payments."Photo by Shutter Speed on UnsplashReducing costs & settlement timeThe JD.com founder added that using stablecoins, the company “can reduce payment costs by 90% and complete transactions within 10 seconds,” while going on to point out that payments made by way of the traditional SWIFT financial messaging system take up to four working days to settle. While JD.com plans to commence with a utilization of stablecoins for business-to-business transactions, Liu said, “We hope that one day, people around the world will be able to use JD’s digital currency for global payments.” JD.com’s move towards the use of stablecoins follows a similar step taken by Ant Group, an affiliate company of Chinese e-commerce rival, Alibaba Group. It emerged last week that subsidiary company Ant International intends to apply for stablecoin licensing in Hong Kong, Singapore and Luxembourg. Additionally, Ant Digital Technologies, another Ant Group subsidiary, is also planning on applying for a stablecoin license in Hong Kong, once the Chinese autonomous territory rolls out its stablecoin regulation this summer. Stablecoin sandbox participantWhile JD.com has now announced its intentions with regard to the use of stablecoins, it has not as yet fully deployed its own token. However, JD Coinlink, a subsidiary company under its JD Technology arm, recently launched the second testing phase for a Hong Kong dollar (HKD)-pegged stablecoin.  The project first announced its intentions to issue a HKD-pegged stablecoin called the “JD Stablecoin,” back in June 2024. At that time, it asserted that reserves would be composed of highly liquid and credible assets, with those funds being regularly audited and held independently via licensed financial institutions.  Last July, the Hong Kong Monetary Authority (HKMA) launched a regulatory sandbox for stablecoin issuers with JD Coinlink joining Animoca Brands, Standard Chartered and Hong Kong Telecommunications as participants. The sandbox allows participants to test both the issuance and the use of stablecoins for a variety of use cases including payments, supply chain management and capital markets. Hong Kong has set Aug. 1 as the effective date for its Stablecoin Ordinance, which will enable certain stablecoins to be issued without a license when offered to professional investors, while a stablecoin must be licensed if offered to a retail market participant. JD.com has developed its own proprietary blockchain, Zhizhen Chain, with that network already accounting for $7 billion in supply chain finance-related transactions. KuCoin CEO BC Wong commented on JD.com’s stablecoin plans, stating that the development is a “big signal,” while noting that in the United States, the GENIUS Act, legislation concerned with the issuance and exchange of stablecoins, has just been passed by the U.S. Senate.